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Building Canada’s leading specialty pharmaceutical company

Knight Therapeutics Inc.(TSX: GUD)

May 2018

This document contains forward-looking statements for the Company and its subsidiaries.These forward looking statements, by their nature, necessarily involve risks and uncertaintiesthat could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-lookingstatements are based to be reasonable at the time they were prepared, but cautions thereader that these assumptions regarding future events, many of which are beyond the controlof the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks,which could cause actual results to differ materially from current expectations are discussed inthe Company’s Annual Report and in the Company’s Annual Information Form for the yearended December 31, 2017. The Company disclaims any intention or obligation to update orrevise any forward-looking statements whether as a result of new information or futureevents, except as required by law.

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Forward Looking Statements

• Better a GUD Knight than a bad one• We never rest at Knight• May you always have a GUD-Knight• A GUD-Knight is GUD Medison• Knighting wrong with making money• GUD for Knight• Fun things happen at Knight• Knight loves a GUD pun• GUD Knight sleep tight• GUD time had by all• GUDluck Jonathan

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A Knight is Born

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A Knight’s History

• Founded by co-founder & CEO of Paladin Labs Inc.– 19 years of consecutive record revenues– Share price increased from $1.50 to $151 per share – Market capitalization increased from $6 million to $3.2 billion

• Knight’s first day was on February 28th, 2014– The day Paladin’s sale to Endo closed– Knight initially owned by Paladin’s shareholders as consideration for Paladin sale

Knight is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products

for the Canadian and select international markets

Since starting operations in 2014 with 2 employees, $1M in cash, a single therapeutic pending FDA approval, Knight:

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Learning to Walk

1 As at March 31, 2018, includes ~$8M of foreign exchange gains

• Raised $685M at increasing valuations ($3.50, $5.25, $6.75, $8.00, $10.00 per share)

• Received FDA approval for Impavido® in March 2014 and sold PRV for US$125M

• In-licensed over 20 innovative pipeline products from 15 companies

• Acquired NeurAxon Inc. and the Neuragen® brand

• Sold or out-licensed rights to Neuragen, Impavido and NeurAxon

• Expanded internationally through strategic partnership with Medison (Israel)

• Lent over $145M to 13 strategic loan partners and generated double-digit return

• Committed ~$126M to nine fund managers as part of long-term licensing strategy

• Generated ~$203M1 of net income to date

Significant Achievements Since Founding

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Growth Strategies

In-licensing or Acquiring Product Rights

Strategic Fund Investments

Strategic Lending For Product Rights

Near Term Pipeline Long Term Pipeline Near and Long Term Pipeline

• In-license innovative pharmaceuticals

• Acquire mature or under-promoted products from Big Pharma

• Develop near-term, low risk/low expense products for the Canadian and global markets

• Committed ~$126M to various funds

• Nine fund investments closed to date

• Two licensing deals closed

• Secured against revenue and/or tangible assets

• IP not taken as only security

• Structured with returns between 15%-20% including interest, warrants, equity and product rights

Firing on Multiple Cylinders

Building a portfolio of innovative pharmaceuticals

Product Portfolio

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Expanding Pipeline of Innovative Pharmaceuticals

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Product Selection Criteria

Discovery Pre Clinical Models Clinical Trials Regulatory

ApprovalSales and Marketing

• Focus on later stage products (Phase II, Phase III or approved in foreign market)

• Structure transaction to meet partner needs while protecting downside risk

• Manage return to address associated risks

Knight’s involvement

2 - 10 Years 2 - 4 Years 5 - 7 Years 1 - 3 Years

Taking on Commercialization Risk, NOT Development Risk

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Movantik®

Background• Exclusive license agreement with AstraZeneca for

Movantik® in Canada and Israel• First oral once-daily peripherally acting mu-

opioid receptor antagonist (PAMORA) approved in Canada (launched in Canada in October 2015)

Opportunity• Opioid induced constipation (OIC) affects

between 26%-79% of patients taking an oral opioid1,2

• Strengthens Knight’s opioid supportive care portfolio along with Probuphine

• Knight began commercial launch in March 2017 – calling on over 3,000 physicians - 11% of prescribers who represents >50% of Rx

1Canadian Guideline for Safe and Effective Use of Opioids for Chronic Non-cancer Pain2Chronic opioid induced constipation in patients with non-malignant pain

Treatment of opioid-induced constipation

Background• Exclusive in-license agreement with Ardelyx for Canada• First-in-class, proprietary, minimally absorbed, oral product • Completed two Phase III studies in IBS-C and one Phase IIb/III study in

hyperphosphatemia

Opportunity• Innovative product for two indications• Strategic fit with Movantik• Allows Knight to start building a presence in a new specialty area

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TenapanorUnique mechanism of action to treat IBS-C and Hyperphosphatemia

Background• Exclusive in-license agreement with Braeburn for Canada• Subdermal implant for opioid addiction• Delivers buprenorphine continuously for six months• Received Canadian regulatory approval in April 2018Opportunity• Small number of prescribers that overlap opioid support portfolio• Addresses issue of patient adherence/compliance• Addresses issue of diversion/illicit use

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Probuphine™Novel implant for opioid addiction

Iluvien®(Implant for diabetic macular edema)

• Exclusive in-license agreement with Alimera Sciences

• Continuous micro-dosing over 3 years for the treatment for vision impairment associated with DME

• Approximately 200 retinal specialists in Canada

• New Drug Submission accepted for review by Health Canada in February 20171

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Ophthalmology Portfolio Differentiated Therapies for targeted physicians

Netildex™(Combination antibiotic/steroid for eye infection/inflammation)

• Exclusive in-license agreement with SIFI for Netildex™ in Canada

• Introduces a new antibiotic with a known steroid leading to less resistance

• Good fit within growing ophthalmic portfolio

• New Drug Submission accepted for review by Health Canada in February 2018

1 In March 2018, Knight received a Notice of Non-Compliance and plans to respond within the prescribed 90-day window

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Impavido®

Background• Acquired global rights from Paladin Labs at founding

of Knight• Approved and licensed in Germany and Israel• Obtained US approval in March 2014 along with a

Priority Review Voucher• Sold Priority Voucher to Gilead for US$125M

Opportunity• Launched in US through Profounda, Knight’s license

partner, in Q1-2016• Pursuing licensing opportunities for Impavido® in

Latin America• Pursuing acquisition and in-licensing opportunities

for other tropical disease products

Treatment for Leishmaniasis (visceral, mucosal and cutaneous)

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Prescription PharmaceuticalsProduct / Family Licensor Indication / Potential Indication Status in Territory Territory Rights1

Pain / GI

Movantik® AstraZeneca Opioid-induced constipation Marketed3 CAN, ISR

Probuphine™ Braeburn Opioid addiction Approved CAN

Tenapanor Ardelyx IBS-C and Hyperphosphatemia Phase 3 – Pre-Registration4 CAN

NeurAxon family Owned Acute migraine, pain and neurological disorders Pre-Clinical – Phase 3 CAN, ISR, RUS, ZAF

Antibe family Antibe Chronic pain and inflammation Pre-clinical – Phase 2 CAN, ISR, RUS, ZAF

Ophthalmic

AzaSite™ Akorn Bacterial conjunctivitis Approved CAN

Iluvien® Alimera Diabetic macular edema NDS in Review CAN

Netildex™ SIFI Ocular inflammation NDS in Review CAN

Other

Impavido® Owned Leishmaniasis Marketed Global2

60P family 60P Tropical diseases Phase 2 – Pre-Registration4 CAN, ISR, RUS

Advaxis family Advaxis HPV-associated cancers and others Phase 1 – Phase 3 CAN

1 Legend: CAN: Canada, ISR: Israel, ROM: Romania, RUS: Russia, ZAF: Sub-Saharan Africa2 Approved in Germany, Israel and the U.S. (Distributed by Profounda in the U.S.)3 Currently marketed in CAN and licensed in ISR4 Not yet submitted for approval to Health Canada or other relevant regulatory agency

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Consumer Health Products

Product / Family Licensor Description Status in Territory Territory Rights1

Neuragen® Owned Pain associated with diabetic and peripheral neuropathy Marketed2 Global (Ex. U.S.)

Synergy family Synergy Various consumer health products Marketed CAN, ISR, ROM, RUS, ZAF

FLEXISEQ™ Pro Bono Bio Pain and joint stiffness associated with osteoarthritis Not Yet Marketed QUE, ISR

Crescita family Crescita Dermo-cosmetic products lines Not Yet Marketed CAR, ISR, ROM, RUS, ZAF

1 Legend: CAN: Canada, CAR: the Caribbean, ISR: Israel, QUE: Quebec, ROM: Romania, RUS: Russia, ZAF: Sub-Saharan Africa2 Approved and marketed in Canada only

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Medical Devices / Diagnostics

Product / Family Licensor Indication / Description Status in Territory Territory Rights1

TULSA-PRO® Profound Prostate ablation Pre-Registration2 CAN

3D Signatures family 3D Signatures Diagnostic and prognostic tools to improve treatment outcomes In Development CAN, CAR, ISR, ROM, RUS, ZAF

1 Legend: CAN: Canada, CAR: the Caribbean, ISR: Israel, ROM: Romania, RUS: Russia, ZAF: Sub-Saharan Africa2 Not yet submitted for approval to Health Canada or other relevant regulatory agency

Strategic Fund Strategy

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Long-term Path for Product Rights

• Strategy: Obtain preferential access to innovative pharmaceutical products while earning LP returns on investment

• Investment: ~C$126M committed to invest with nine fund managers in Canada, Europe and US with proven track records of positive returns

• Results: Fund strategy led to license of Iluvien® from Alimera and license agreement with Advaxis for their portfolio of products for Canada

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Fund Strategy OverviewDiversifying Access to Products

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Strategic Fund Portfolio

Fund Amount Development Stage Geography

Teralys C$30M VCAP Fund of Funds Canada

Domain US$25M Early stage North America

Forbion €19.5M All clinical stages Europe

Sectoral US$13M Late stage to small cap Global

Sanderling US$10M Early stage North America

HarbourVest C$10M VCAP Fund of Funds Canada

TVM US$1.6M All clinical stages Global

Bloom Burton2 C$1.5M Commercial stage Canada

Genesys C$1M Early stage North America

Total1 ~C$126M All stages Worldwide

1 Total in CAD is converted at the Bank of Canada exchange rates as of the commitment dates. Using the March 31, 2018 exchange rates, total fund commitments are ~C$136M with C$81M remaining to be funded.

2 Bloom Burton healthcare lending trusts are managed by Stratigis Capital Advisors

Commitments to Date

Strategic LendingAnother Source of Products and Return on Investment

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• Strategy: Enter into secured loans with life-sciences companies in exchange for product rights for Canada and select international markets

• Investment: Over C$145M loaned to 13 strategic loan partners generating double-digit annual return on invested capital

• Results: 15+ innovative products in Knight’s portfolio have been sourced via secured lending strategy

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Strategic Lending OverviewLeveraging Knight’s Balance Sheet for Products

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Strategic Lending Portfolio

CompanyNominal Loan

Balance1Interest

Rate MaturityProductRights

Synergy US$9.0M 10.5% 2020

600 Pharma US$4.7M 15% 2020

Crescita C$3.6M 9% 2022

Profound C$3.1M 15% 2019

Medimetriks3 US$2.0M 13% 2019

Pediapharm4 C$1.3M 12% 2020

Ember US$0.5M 12.5% 2016

Total2 C$28.9M

1 As at March 31, 20182 Total converted to CAD using Bank of Canada closing exchange rates on March 31, 2018 3 Pediapharm debenture is held indirectly through the Bloom Burton Healthcare Lending Trust

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Strategic Lending Benefits All

CRH Knight

• CRH stock price increased by more than 3x within 4 months following loan

• Raised C$27M of equity at $3.40 per share and prepaid ~25% of Knight loan

• Prepaid balance of Knight loan in and replaced it with bank debt at 3.5%

• Sold CRH shares received as part of loan for proceeds of ~C$9.9M

• Successfully exited CRH loan following early repayment

• Earned an all-in IRR of 40+% in less than 12 months

CRH Medical – US$30 Million Secured Loan

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Security Provides Greater Value

• Following default, Knight acquired global rights to Neuragen®

• Sold the US rights to Synergy CHC for proceeds of US$1.2M within 4 days of acquiring global rights

• Knight markets Neuragen® in Canada – generating over $250K of annual sales

• Pursuing out-licensing opportunities for Rest of World

Origin Biomed – C$850K Secured Loan

Rest of World Pharma

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Finding Other Knights

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Rest of World Strategy

Vision Target Geographies• Rest of World (outside US, Europe, Japan,

China) specialty pharma will continue to experience growth

• Knight will be partner of choice for 2nd / 3rd tier markets

• Leverage GUD financial strength and business development capabilities to accelerate growth in each of these markets

• Knight has licensed rights to 15+ products for select international markets

• High growth countries with expanding access and funding for medicines

• Stable legal and regulatory systems, including IP protection

• Non-core geographies for other companies

• Knight acquired 28.3% of Medison Biotech (1995) Ltd., an Israeli specialty pharma company

Small Markets – Single Partner

• In September 2015, Knight acquired 28.3% ($83 million) of Medison Biotech (1995) Ltd. in exchange for 10% of Knight1

• Founded in 1996, Medison has grown to sales of approximately $216M in 2017

• Medison represents 20+ European and American pharmaceutical and biotech companies including Amgen®, Biogen®, Ipsen® and Shire®

• As at March 31, 2018, Knight had received dividends from Medison totalling $11.8M

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GUD MedisonInvestment in Medison Biotech

1 Medison ownership of Knight is currently below 10% due to dilution

Why Knight?

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Partner of Choice for Canada and RoW

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Knight’s Management Experience

Partnering • Built Canadian business through collaborations with over 30 companies• Deals structured to meet partners’ needs

Regulatory • Significant experience in all aspects of the regulatory process• ~30 submissions to Health Canada with a 90% success rate

Pricing and Reimbursement

• Extensive experience and success with PMPRB, provincial formularies and private payors

• PMPRB acceptance of all major brands’ launch prices• Successfully negotiated favourable listings

Commercial• Commercialized over 60 products • Grew Canadian revenue to ~$150M and international revenue to ~$120M• Built sales and marketing teams/expertise across multiple therapeutic areas

Building Bench Strength

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Management Team

Jonathan Ross Goodman B.A., LL.B., M.B.A. Chief Executive Officer• Paladin Labs, Co-Founder, President & CEO • Procter & Gamble, Brand Management

Samira Sakhia, CPA, M.B.A. President and Chief Financial Officer• Paladin Labs, Chief Financial Officer

Amal Khouri, B.Sc., M.B.A. VP Business Development• Novartis, Global Business Development and Licensing• Paladin Labs, Business Development

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Board of DirectorsBoard Member Qualifications

James Gale (Chairman) • Paladin Labs, Board member from 2008 to 2014• Signet Healthcare Partners, Managing Director

Jonathan Ross Goodman • Knight Therapeutics, Founder and CEO• Paladin Labs, Co-founder, President & CEO

Samira Sakhia • Knight Therapeutics, President and CFO• Paladin Labs, CFO from 2001 to 2015

Robert Lande • Paladin Labs, Board member from 1995 to 2014• FXCM Group LLC, President

Sylvie Tendler • Pharmaceutical Market Research Consultant• The Tendler Group Inc., Founder

Meir Jakobsohn • Medison Pharma, Founder and CEO

Dr. Sarit Assouline • Jewish General Hospital, Director of the Chronic Myelogenous Leukemia Clinic

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Financial and Strategic Assets

Asset Description

Cash $802 million1 ($5.62 / share)

Key Marketed Products Movantik®, Impavido®

Products Pending Launch Probuphine™

Products Pending Approval/Submission Iluvien®, Netildex™, Tenapanor

Product Pipeline 20+ products in various stages of development

Strategic Fund Investments $126 million2 in total commitments

Strategic Loans $28.9 million3 of loans receivable

Rest of World Pharma $78M equity investment in Medison (28.3%)

1 Cash, cash equivalents and marketable securities as at March 31, 20182 Based on the exchange rates in effect on the dates of the fund commitments. Carrying value as at March 31, 2018 was $58M.3 Nominal loan balance as at March 31, 2018

• Proven ability to develop a rich pipeline of new products

• Proven ability to secure profitable licensing and secured loan agreements

• Proven track record of profitable growth

• Experienced and dynamic management team

• Financial strength to execute our strategy

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Summary

Building Canada’s leading specialty pharmaceutical company

34May 2018

Knight Therapeutics Inc.(TSX: GUD)